Laserfiche WebLink
<br />I <br /> <br />I <br /> <br />MR. SPARKS: <br /> <br />MR. DROSKIN: <br /> <br />MR. S'.fAPLETON: <br /> <br />MR. VANbEMOER: <br /> <br />MR, VELEHRADSKY: <br /> <br />MR. VANDEMOER: <br /> <br />MR. VELEHRADSKY: <br /> <br />MR. VANDEMOER: <br /> <br />MR. VELEHRADSKY: <br /> <br />MR. STAPLETON: <br /> <br />"In either event, it is not going to <br />require any restructuring of the Narrows <br />proj ect as such." <br /> <br />"We hadn't anticipated at this time that <br />there would be some reallocation in costs with- <br />out this and of course, the space." <br /> <br />"Any further questions from members of <br />the board?" <br /> <br />"One other one, Ben. If you do this, if <br />you would wait, is there a way to set up a <br />project and hold this interest rate, or do you <br />just wait and go with this interest rate ten <br />years from now? I mean, can you tie anything <br />up on your suggestion there, where you can get <br />any kind of a rate as of now when you set this <br />thing up for later development?" <br /> <br />"I don't think we could predict. There <br />are cases when it is frozen, like in 1969 when <br />the rate went up, it was frozen on those <br />projects that we had firm assurances on. And <br />with the change in interest rates coming up <br />we are not too sure of whether these old rates <br />are going to be frozen or we are going to have <br />to go to new rates." <br /> <br />"Well now, is this definite? I thought <br />I read something where there was some contro- <br />versy on those rates. You speak as if this is <br />a fact. Is this going to happen?" <br /> <br />"It will happen if something doesn't <br />change." <br /> <br />"It is definite as of now?" <br /> <br />"I think so." <br /> <br />"I think we can consider, Herb too, that <br />as John says that the cost of construction is <br />going up 10 percent a year, in ten years the <br />cost is already doubled and at the interest <br /> <br />-13- <br />